IRA Accounts

For some, it's a long way off. For others, it's just around the corner. But for anyone who's concerned about securing his/her future, planning for retirement is an immediate concern. These days, an IRA, or Individual Retirement Arrangement Account, is one of the best ways to make sure you'll be financially secure throughout your retirement years.

Mechanics Bank recognizes that no two savers are alike. Each has different retirement goals and needs. That's why we offer a variety of IRAs both Traditional and Roth with fixed or variable rates, designed to give savers the flexibility they need to reach their retirement goals.

Fixed Rate IRA

Recommended for lump-sum depositors or investors who want fixed rates guaranteed until maturity.

Fixed rate, compounded daily

The minimum opening deposit is $250

Additional deposits are $250 minimum

Maximum annual contribution as defined by IRS guidelines

Maturity: up to five years

Early withdrawal penalties may apply

Variable Rate IRA

Recommended for first-time IRA investors or depositors who prefer to make smaller installments.

Variable rate, compounded daily

The minimum opening deposit is $100

Additional deposits are $50 minimum

Automatic deposit option available

Maximum annual contribution as defined by IRS guidelines

Monthly statements available

No maturity

A penalty of $50 for early closing is applicable if the account is closed within the first 6 months

To open an IRA account, please visit one of our offices or call 800-797-6324.

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